Worldwide Energy and Manufacturing Announces Completion of Acquisition of Power Supply Factory
Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU), a U.S.-based China manufacturing company specializing in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today announced that it has completed the acquisition of 55% of Shanghai De Hong Electric and Electronic Company (“De Hong”) through acquiring 55% of the outstanding capital stock of De Hong, a China corporation, through Worldwide’s wholly-owned subsidiary Intech Electro-Mechanical Products Co., Ltd., a China corporation (“Intech”).
Under the terms of Agreement, dated February 3, 2008, Intech paid cash consideration of approximately $1 million dollars for 55% interest in DeHong in two installments with the first installment of $714,286.00 being paid within three months of receiving the business license, which occurred on October 10, 2008; and the second installment of $285,714 being paid no later than December 15, 2008.
Shanghai De Hong Electric and Electronic Company is the holding company for the operating subsidiary Shanghai Detron Electronic Co. (“Detron”). Through this operating subsidiary, Detron is a power supply factory in Shanghai, China, with design and research and development capabilities. Detron’s revenues were approximately $4.1 million for the twelve months ended December 31, 2007, and approximately $3.6 million for the nine-month period ending September 30, 2008.
Worldwide Energy’s Chief Executive Officer Jimmy Wang stated: “We are excited about this opportunity not only because of Detron’s technology and design capabilities but also because it has a strong customer base. Additionally, this acquisition fits well with our overall strategy for furthering our direct manufacturing capabilities as we continue our transition of being a direct manufacturer of several product groups.”
About Worldwide Energy and Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. (“Worldwide”), headquartered in South San Francisco, California, is a 15-year-old engineering-oriented firm specializing in PV panel, mechanical, electronics and fiber optic products manufacturing. The company’s worldwide customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai, China.
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The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.
Contact: At the company: Worldwide Energy and Manufacturing USA, Inc. John Ballard 303-885-5501 firstname.lastname@example.org://www.wwmusa.com Jon Cunningham RedChip Companies, Inc. 407-644-4256, Ext. 107 Jon@redchip.comhttp://www.RedChip.com
SOURCE: Worldwide Energy & Manufacturing USA, Inc.